Kamino launches USDai stablecoin market on Solana backed by $280M in GPU collateral.
DeFi & Yields ·
Kamino has launched a USDai stablecoin market on Solana, backed by $280M in GPU collateral. The market represents an expansion of GPU-backed lending mechanics within crypto finance, where graphics processing units—specialized hardware for parallel computation—serve as on-chain collateral for stablecoin issuance. This model ties financial primitives to physical infrastructure assets increasingly central to AI and decentralized compute networks.
GPU-backed credit has emerged as one mechanism to financialize scarce compute hardware, allowing equipment owners to borrow against their holdings. By introducing a GPU-collateralized stablecoin, Kamino extends this model to Solana, enabling users to mint USDai against GPU positions. The $280M loan book signals meaningful adoption of this collateral type within DeFi lending.
What remains unclear is the ratio of GPU collateral to USDai minted, the identity of the largest collateral providers, and whether Kamino has established risk parameters such as liquidation thresholds or collateral haircuts. The mechanics by which GPU valuations are determined on-chain—whether through oracles, market-based pricing, or alternative methods—have not been detailed in available material.